Phemex August 2026 Report Confirms Full Crypto Asset Backing with 138.39% Reserve Ratio

Phemex, a cryptocurrency exchange, released its Proof of Reserves (PoR) report for August 2026, confirming that its asset reserves consistently surpassed reported customer balances across all eight assets included in the analysis.

The August report detailed an average reserve ratio of 138.39%, indicating that each covered asset maintained reserves above the 100% threshold for full backing. This means that for every dollar of customer liabilities, Phemex holds more than a dollar in assets.

Specifically for major assets, Phemex disclosed a reserve ratio of 116.81% for Bitcoin (BTC), 121.64% for Ethereum (ETH), 103.19% for USD-denominated balances, and 150.01% for Solana (SOL). The USD figure represents a combination of USD-denominated balances, including USDT and USDC.

By providing reserve coverage statistics at the individual asset level, Phemex aims to offer its users enhanced clarity regarding the relationship between the assets held by the exchange and their corresponding customer balances.

A ratio exceeding 100% signifies that Phemex's held reserves surpass the recorded customer liabilities for that particular asset at the time the snapshot was taken. This practice is part of the platform's broader commitment to transparency.

Federico Variola, CEO of Phemex, highlighted the importance of user-verifiable data. Variola stated that the value of Proof of Reserves is maximized when users can independently scrutinize the figures and confirm the inclusion of their own balances through the exchange's Merkle tree-based verification system. The August report continues this approach, offering clear asset-level reserve data and a directly accessible verification mechanism for users.

Maintaining reserves above customer liabilities for every reported asset is described as a fundamental component of Phemex's approach to transparency and platform accountability. This ongoing commitment is part of Phemex’s regular Proof of Reserves program, which involves consistent publication of reserve information and public access to relevant wallet holdings.

These disclosures complement Phemex’s comprehensive security framework, which also encompasses custody protections, operational controls, and robust systems designed to ensure reliable access to customer assets. Founded in 2019, Phemex has grown to serve over 10 million traders globally, offering services such as spot and derivatives trading, copy trading, and wealth management products, all designed with a focus on user experience, transparency, and innovation.